Doha: Qatar Exchange index added 52.89 points, or 0.57 percent, yesterday to advance to 9,257.81 points from 9,204.92 on Thursday.
The volume of the shares traded fell to 3,770,089 from 7,511,276 on Thursday and the value of shares decreased to QR169,225,148.03 from QR386,978,222.95 on Thursday.
Among the top gainers were General Insurance which was up 2.94 percent to QR52.50, Ooredoo gained 2.69 percent to QR133.40, Al khalij Commercial Bank gained 1.34 percent to QR18.14 and Qatar Navigation up by 1.18 percent to QR77.00.
The banking and financial sector index added 0.37 points while consumer goods and services sector index was up 0.92 points. The industrial sector lost 0.01 points while insurance sector gained 0.65 points.
Meanwhile, Dubai’s shares led a regional recovery yesterday as bargain hunters returned to pick up stocks battered over the last two weeks but the spectre of a possible military strike on Syria ensured trading remained volatile.
Dubai’s index climbed 1.5 percent, rallying from a two-month low and snapping a four-session losing streak which had seen the bourse lose 10.1 percent of its value.
The retail-dominated market continued its recent volatile trading pattern, with investors holding stocks for shorter periods given the higher risk premium created by the geopolitical overhang.
Frothy mid-cap shares that were hardest hit in the recent selling led gainers; Union Properties and Air Arabia climbed 4.1 and 4.3 percent respectively.
“The only reason behind the sell off was political, which is not sustainable,” Mohammad Omran, President of Riyadh-based private firm Gulf Centre for Financial Consultancy, said about Gulf markets.”
“There are opportunities in the market that are attracting buyers because the strike on Syria could take some time.”
US President Barack Obama is waiting for a pivotal Congressional vote for a limited strike on Syria, while European Union foreign ministers have urged Washington to wait for a report from United Nations weapons inspectors before making any military response..
The detailed report from the UN is expected in a week; final votes in Congress could come after the UN report is announced.
Shares in heavyweight lender Emirates NBD surged 6.8 percent after four sessions of losses. Analysts say investors are more likely to rotate investments into bluechip shares during periods of political uncertainty.
Abu Dhabi’s measure bucked the regional trend, slipping 0.3 percent to its lowest finish since June 26.
Elsewhere, Kuwait’s bourse snapped a 10-session losing streak, rising 0.3 percent. Qatar’s index advanced 0.6 percent, halting a four-session drop and recovering from a 10-week low.
In Saudi Arabia, the measure ended flat near Thursday’s two-month low after giving back the day’s gains.
Market turnover was relatively high during the recent sell-off. Sunday’s buying demand was muted in comparison and any recovery will be fragile unless trading volumes increase.